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Confusion on Select Choice

Last week’s issue of Money Marketing wrongly suggests that I was disparaging about the Select Choice proposition from Barclays.

I think the confusion arises from questions at a conference held in May. As I recall, I made the point that a risk of some multi-tie propositions was that the intermediary would not keep under review the performance of its multi-tie partners and might stick with those partners even when they were performing poorly.

I was careful to add that where the composition of multi-ties was kept under review, as I understood to be the case with Barclays and others, then there might not be all that difference in substance from those IFAs who choose to operate a panel which is changed only periodically.

Moreover, I believe that I also pointed to the possible benefits of the Select Choice arrangement in being able to obtain service improvements for its clients from its selected partners.

David Severn

Former director general, Aifa

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